Fuel prices surge to over N1,200/litre as Nigeria lacks strategic reserves

Former Labour Party presidential candidate Peter Obi has criticized Nigeria's vulnerability to global oil price shocks, noting petrol now exceeds N1,200 per litre while diesel tops N1,500. Obi attributes this to Nigeria's absence of strategic petroleum reserves, unlike other nations that buffer against supply disruptions. He argues the lack of planning exposes the economy to immediate external shocks, stating 'when a country fails to plan, it has already planned to fail.' The price increases follow tensions between the US and Iran, demonstrating how quickly global events impact Nigerian consumers.

SOURCE: https://dailypost.ng/2026/03/12/fuel-price-hike-nigeria-fails-to-plan-peter-obi/